SUPERVALU (NYSE: SVU) shares saw some late-session activity Friday following headlines that private equity firm Cerberus was looking to make some strategic moves should it acquire the grocer.

Bloomberg, citing sources familiar with talks, said Cerberus would merge SUPERVALU operations with Albertson's stores. Cerberus has held a stake in Albertson's since 2006.

SUPERVALU is also said to have given Cerberus until mid-November to conduct due diligence.

Last July, SUPERVALU said it hired Goldman Sachs and Greenhill & Co to advise on options aimed at enhancing strategic value. Since the start of 2012, shares of SUPERVALU have dropped 72 percent to current levels, with the largest drop coming in July with the announcement it would evaluate alternatives.

Amid the pop higher late in the session, shares ended down about 2.5 percent today.